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California Housing Finance Agency's 'A' Home Mortgage Revenue Bond Rating Placed On CreditWatch Negative Feb 11

  • ID: 1829843
  • February 2011
  • Region: California
  • Standard & Poors
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  • California Hsg Fin Agy
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SAN FRANCISCO (Standard & Poor's) Feb. 10, 2011--Standard & Poor's Ratings Services placed its 'A' long-term rating and underlying rating (SPUR) on the California Housing Finance Agency's (CalHFA) bonds issued under CalHFA's home mortgage revenue bond indenture on CreditWatch with negative implications. "The CreditWatch placement reflects our opinion of private mortgage insurance from Genworth Mortgage Insurance Corp., which we downgraded on Feb. 2, 2010," said Standard & Poor's credit analyst Lawrence Witte. We will assess the sufficiency of assets and revenues to absorb our projected loan losses, and determine what, if any, reliance the bond program has on cash contributions by CalHFA from other funding sources. For further information, please see our report published May 5, 2010, on RatingsDirect on...

Companies mentioned in this report are: California Hsg Fin Agy
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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California Hsg Fin Agy

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